The median price* for L.A. County real estate increased 5.9% in March over March, 2015. The median price in March, 2016 was $506,000. Supply is thin which is pushing prices higher. The higher prices are keeping some millennials out of the purchase market but are driving a strong rental market.
“As older buyers hunker down in their homes (as opposed to selling and moving into smaller quarters) and new building fails to hit ‘historically normal levels,’ the supply of housing available hasn’t matched the demand at all.”
This is a clear indication for investors that the rental market will be strong well into the future.
If you are a real estate investor, we would be happy to show you some inventory that might warrant your interest.